Senate to review policy wishlist forwarded by foreign chambers

April 18, 2017 at 15:22

Senate to review policy wishlist forwarded by foreign chambers

The Senate assured on Monday it will consider a wish list forwarded by foreign business groups for inclusion to the Duterte administration’s comprehensive tax-reform program, particularly policies that will “level the playing field” among local and foreign firms.

But Majority Leader Vicente C.  Sotto III clarified that senators are not likely to readily endorse their proposal to relax restrictions on foreign ownership under the Constitution. Asked about possible remedial pieces of legislation being considered to address common concerns cited in a recent survey of various foreign chambers of commerce, Sotto said this would be given due course by senators.

Sotto pointed out, however, that suggested reforms of existing rules, including lifting limits on foreign ownership, as proposed by the leaders of foreign chambers of commerce to boost the Philippine economy, have to be thoroughly reviewed.

“It would take a lot of review and briefings before I can say if the majority of the senators will support the proposals,” Sotto said.  The senator also acknowledged concerns aired by leaders of foreign business groups on tax reforms being passed by Congress, which is set to reconvene regular sessions on May 2.

Business leaders, likewise, suggested in the survey that apart from tax reforms, the Duterte administration could consider retaining fiscal incentives, among other reform measures, to attract more investors.

Source: http://www.businessmirror.com.ph/senate-to-review-policy-wishlist-forwarded-by-foreign-chambers/




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